NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced that it has executed a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with EQT Corporation (NYSE: EQT) for offtake from Rio Grande LNG Train 5.

EQT will purchase 1.5 million tonnes per annum (MTPA) of LNG for 20 years on a free on board basis at a price indexed to Henry Hub, subject to NextDecade making a positive final investment decision (FID) on Train 5.

“We have made great strides in the commercialization of Rio Grande LNG Train 5, and today we are announcing a long-term SPA with EQT, one of the largest producers of natural gas in the United States,” said Matt Schatzman, NextDecade Chairman and Chief Executive Officer. “The LNG we are selling from our project to EQT will play a critical role in enhancing the energy security of our allies around the world.”

NextDecade has also extended the price validity period under its lump-sum turnkey engineering, procurement, and construction (EPC) contract with Bechtel Energy Inc. for Train 5 until November 15, 2025. The total costs for Rio Grande LNG Train 5 and related infrastructure are expected to be approximately $6.7 billion1.

NextDecade has now announced a total of 3.5 MTPA of LNG from Train 5 sold under 20-year LNG SPAs and is targeting an additional 1.0 MTPA sold under a long-term SPA to support a positive FID on Train 5. The Company expects to complete commercialization of Train 5 in the third quarter of 2025, and subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train 5 in the fourth quarter of 2025, prior to expiry of the revised EPC price validity period.

NextDecade also continues to expect to achieve a positive FID on Rio Grande LNG Train 4 by September 15, 2025, subject to obtaining adequate financing.

(1) Includes estimated final EPC cost, owner’s cost, contingencies, financing fees, interest during construction and a payment for Train 5’s proportionate use of the common facilities at the Rio Grande LNG facility.

About NextDecade Corporation

NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility that is expected to make meaningful impacts toward a lower carbon future. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas.

About EQT Corporation

EQT Corporation (NYSE: EQT) is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.